Jefferies analyst Ken Usdin downgraded Wells Fargo to Hold from Buy with a price target of $46, down from $49. The analyst says the bank’s "tough" pre-provision net revenue results in Q4 and "more subdued" guidance for 2023 weigh on his already below-consensus estimates for 2023 and 2024. He sees Wells’ risk/reward as more even from here, with positive developments on the regulatory and operating cost front offset by its lower core earnings power.
Published first on TheFly
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- Wells Fargo (NYSE:WFC) Reports Mixed Q4 Results
- Wells Fargo sees FY23 NII growth roughly 10% y/y
- Wells Fargo says credit performance remains strong across all businesses
- Wells Fargo says doesn’t need to be one of biggest originators, servicers
- Wells Fargo sees balances, credit quality still returning pre-pandemic levels
